Gigstreem Raises $59M in Funding

gigstream

Gigstreem, a Tysons Corner, VA-based provider of high-quality residential and commercial broadband networks, raised $59m in funding. 

The funding was raised in two separate transactions in Q1’23, with all proceeds coming from Gigstreem’s existing investor base. The first transaction, which raised $19m, was led by Crestline Investors, with participation from real estate technology venture capital firm RET Ventures and multifamily industry leaders Essex Property Trust and UDR, Inc. This capital will help the company scale its growth and deploy internet services to markets across the country. Crestline led an additional $40m raise in March 2023 to provide Gigstreem with the strategic capital to pursue acquisition opportunities. A significant portion of the capital raised in the second round was used to complete the acquisition of a majority of assets from GigaMonster Networks, an Atlanta-based residential and commercial internet provider. The acquisition will accelerate the expansion of the company’s national presence, more than doubling the number of assets utilizing its technology, while further growing the team and expanding local customer support and engineering capabilities.

Launched in 2017 and led by Andrew Kusminsky, CEO, Gigstreem has served as an internet service provider (ISP) for apartment buildings, residential communities, businesses and events nationally. Its solution allows residents to enjoy a private network that is up and running within minutes and offers them fast and reliable connectivity anywhere on the property. Property-wide connectivity also benefits real estate operators by enabling smart devices and other technologies that further enhance resident experience and ultimately the value of their property.

The company now services a total of 52,000 apartment units spanning 28 markets nationwide, and the platform plans to launch operations in some 40,000 additional apartments in 2023. Additionally, in securing a significant portion of Gigamonster’s assets and subscribers, Gigstreem will expand its presence into 6 new markets while increasing its market share in several existing markets, including Texas, Florida, California, Washington, and Georgia.

FinSMEs

10/04/2023